<p>I don’t know about the rest of you, but with multiple kids I am racking up a number of years of doing FAFSA/Profile. How long do we need to keep records? I always thought there were magic times like 3-5-7 years, but then what about Wesley Snipes & his tax problems going back to 95! How long do we keep this stuff? I would sure hate to dispose of my notes for a kid who has graduated and then have some one ask me to prove my numbers later!</p>
<p>This doesnt really give you a concrete answer, but it may be helpful as a guideline. I believe that as to federal aid programs, the fed. govt requires schools to keep student financial records for 3 years after the award year.</p>
<p>On the other hand, if youre talking about a Wesley Snipes type of thing, I believe the fed. govt is alleging fraud. In the case of fraud, its probably going to depend on who is asking. For instance, I believe the IRS can go back forever on a claim of fraud. If on the other hand, its a loan agreement with a bank operating under the laws of a particular state, then a claim based on fraud by the bank would I think be determined by that states statute of limitations (e.g. 5 years from the date of discovery of the fraud).</p>